U.S. Existing-Home Sales Fell in January

A broad measure of home sales fell sharply in January, the latest sign the housing market is buckling under higher mortgage rates, tight inventory and severely cold weather.

Sales of previously owned homes fell 5.1% in January from December to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said Friday. The drop, the fifth in the past six months, pushed sales down to the lowest level in 18 months.